IFC supports AYCC cement plant project, Yemen

IFC supports AYCC cement plant project, Yemen
Published: 02 July 2007

Deputy prime minister for economic affairs, minister of planning and international cooperation Abdul-Karim al-Arhabi has hailed the International Finance Corporation for investing $100m in Yemen, considering this as a "big support for investment in Yemen".

The IFC’s acting director of the Middle East and North Africa Michael Essex said in a ceremony of officially singing an agreement to fund the Arabian Yemen Cement Company’s cement plant held in Sana’a on Saturday, that the funds IFC has given for the project, $70m, is a support for private sector in Yemen.

On behalf of the Arabian Yemen Cement Company, Zamil al-Moqrin said the IFC’s support to the project of cement plant in Eion area, 60km from Mukalla city of Hadramout, is a big push for Yemeni private sector and proves the credibility of the company.

He said the project is expected to be completed on August 2008.

The ceremony was attended with five ministers, representatives of the General Union of Trade and Industry Chambers and lead businessmen of the private sector.